8 out of 10 over 50s don’t have a re­tire­ment bucket list – but why does that mat­ter?

As free­dom from the ‘9 to 5’ rou­tine looms, the prospect of ex­tended leisure time is wel­come food for thought for those ap­proach­ing pen­sion age. But de­spite the per­fect op­por­tu­nity for peo­ple to re­alise the dreams they haven’t pre­vi­ously had the time or m

Sunderland Echo - - Comment -

Award-win­ning re­tire­ment spe­cial­ist Age Part­ner­ship have con­ducted a re­cent sur­vey re­veal­ing that only 20% of over 50s have a ‘bucket list’ for their re­tire­ment years. Sim­i­larly, these re­sults fol­low Forbes find­ings in 2016 which found that mul­ti­ple fac­tors con­trib­ute to this happy chap­ter in peo­ple’s lives. From map­ping out an in­come plan, through to speak­ing with fam­ily and con­sid­er­ing pas­times that will fill the hours, there’s lots to con­sider ahead of re­tire­ment. But top of the Forbes list was “Fig­ure out in ad­vance what you want out of re­tire­ment.” A bucket list would there­fore seem the per­fect place to start. Ac­cord­ing to the re­search, travel – per­haps un­sur­pris­ingly – ranks top for the over 50s who have a bucket list. In fact, 55% cite this as their num­ber one as­pi­ra­tion .Of all travel plans, see­ing the North­ern Lights is the most pop­u­lar, whilst driv­ing on Route 66 also fea­tures. Closer to home, stay­ing at the Shard makes the list, whilst, less con­ven­tion­ally, one ad­ven­tur­ous soon-to-be-re­tiree has set his sights on Base Camp at Mount Ever­est. Whilst other par­tic­i­pants wanted to learn to fly, master a new lan­guage and watch a whale shark in the wild, mark­ing some of the more am­bi­tious ideas. There were also some quirkier ideas which are more achiev­able, such as shop­ping at Tesco at 3am, and go­ing through a car wash mi­nus the ve­hi­cle! Along­side some touch­ing re­sponses too, in­clud­ing fall­ing in love again, be­com­ing a grand­par­ent and buy­ing back a pre­vi­ously owned 1959 Ford Thun­der­bird.

How­ever, one thing which is clear from the find­ings is the im­por­tance of plan­ning ahead

sooner rather than later so that those ap­proach­ing re­tire­ment can thor­oughly en­joy ev­ery mo­ment of it. De­spite not all bucket list ideas cost­ing the earth, you will still need to en­sure that you have made all of the nec­es­sary ar­range­ments to take an in­come from your pen­sion sav­ings, and that you un­der­stand all of your pen­sion-in­come op­tions. One of the more pop­u­lar pen­sion-in­come op­tions is a pen­sion an­nu­ity which of­fers a guar­an­teed in­come for life, and the po­ten­tial to en­hance your in­come by up to 50%1 de­pend­ing on your health and life­style. Whether you’d like more in­for­ma­tion on an an­nu­ity, or your other op­tions such as draw­down or a fixed-term an­nu­ity, it’s im­por­tant that you seek pro­fes­sional ad­vice or guid­ance from an in­di­vid­ual or com­pany like Age Part­ner­ship who are reg­u­lated by the Fi­nan­cial Con­duct Author­ity (FCA) to en­sure you re­main pro­tected and un­der­stand all the risks as­so­ci­ated with each pen­sion-in­come op­tion to help you de­cide how best to ac­cess your pen­sion sav­ings.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.